Adjust at least the variable org-track-directory. You can use customize for
this:

M-x customize-variable RET org-track-directory RET

From now on, to update and compile the current development version of Org-mode
is just a matter of typing:

M-x org-track-update RET

This will download the current org-latest.tar.gz, update the autoloads file
org-install.el and (optionally) compile the sources.

org-track-directoy Layout

The org-track-directory is the only variable you'll need to adjust. This is
the directory where your local copy of Org-mode will live. I.e., a sub
directory 'org-mode/' will be added here. Also the file org-latest.tar.gz will
be put here (and deleted after updates):